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The Board of Directors of SYNERGIE, chaired by Daniel AUGEREAU, met on 13 September 2017 and approved the financial statements for the six months ended 30 June 2017. The limited audit procedures for these financial statements are complete and the related report is being issued.

Audited consolidated data - in € million

H1 2017

H1 2016

Change

Turnover

1,098.7

942.8

+16.5%

Current operating profit (1)

59.2

42.8

+38.2%

Operating profit

52.9

41.3

+28.1%

Profit before tax

52.1

38.9

+33.7%

Net profit

35.8

26.2

+36.6%

Net profit, Group share

35.3

25.9

(1) Before amortization and write-downs of intangible assets

€1,098.7m in turnover for the half-year

With a 640-strong branch network and extensive international operations spanning 15 countries in Europe as well as Canada and Australia, the Group generated consolidated turnover of €1,098.7 million in the six months to 30 June 2017, up 16.5% from the same period in 2016 on a like-for-like basis.

Strong growth in France (+12.9% in a market up 11% at end-June according to Prism'emploi figures) and continued international expansion (+20.5%) contributed to this increase.

SYNERGIE thus outperformed all of its markets thanks to innovative offers such as Open Centers, employment agencies for the service and high-tech sectors and Global Cross Sourcing (international talent sourcing), and benefits from a firm foothold in high-growth sectors such as aeronautics, where the Group has become market leader under the synergie aéro brand.

A marked improvement in profitability

The Group posted consolidated current operating profit of €59.2 million, up 38.2% (+33.9% in France and +46.7% abroad) and markedly improved as a percentage of turnover, from 4.5% in 2016 to 5.4%.

Investments made within France over the past two years (recruitment of consultants, digitisation and development of IT tools, training initiatives, etc.) and the increase in the CICE competitiveness and employment tax rate contributed to this rise.

Internationally, the strong growth achieved in southern Europe and the Benelux countries contributed to the improvement in the Group's profitability, with most countries posting a higher gross margin than that of France.

A €5 million goodwill write-down was recognised in the United Kingdom related to the consequences of Brexit.

Taking into account the above items and a €16.3 million tax expense, net profit for the period increased by 36.6% to €35.8 million, compared with €26.2 million for the first six months of 2016.

A solid financial structure

The financial structure thus strengthened, with shareholders' equity of €390.8 million at 30 June 2017 and net cash (including available CICE tax credits) of €91.4 million, giving the Group the resources needed to pursue growth and make new acquisitions, in particular abroad.

A favourable outlook

SYNERGIE Group intends to build on these performances to continue to grow over the second half of the year, targeting turnover in excess of €2.2 billion in 2017 and a significant improvement in its profitability.

Next event:

Publication of turnover for the third quarter of 2017 on Wednesday 25 October 2017 after the stock market closes